creditline (creditcard) will not do instead of capital
Indeed both FHFA and treasury want the NWS upheld, but the court asked what possible remedy there was to look for, and either FHFA or Treasury replied not to remand, so they see the problem
A remand will not help the government nor holders, the time is right to end the saga, there is just not much more too say, facts are known, and let’s face it, the judges have been awful polite so far with the government not making their point, so it is just not justified to keep draining the super profitable companies in perpetually everybody will agree with that, even the uninformed judge in perry needs to make a 180 by now, do you know where I can find more about the perry case?
About the Converting and the possible roadblocks, imo to start at the beginning Bruce bought the prefs and started a lawsuit because he thought the NWS was not legal and dividends due must be paid, and prefs would go to par, now with all the knowledge of today, you can safely say the government has not been very lawful in disclosing what happened (10.000 documents), and the only thing they are properly defending is hiding behind chapter 46, and previously judge orders, so they have NO defense or what so ever, now when and if the NWS is rolled back and if prefs are converted to common, they acknowledge the suspension of the dividend was not correct, and as Prefs are non-cumulative the government is eager to stick to non-cumulative, so they rather pay missed dividends than converting the pref contract to convertible contracts, which will be a fuss, and as that may also set a precedent to other cases, also it will fuel commons to counter as they are diluted, and not to forget how to set a conversion rate?, who gets what percentage at what time in history and how did it evaluate over time, and at what percentage are the prefs trading and commons trading after it is said it is
unconstitutional, it all will prove to be mission impossible math wise to me, undo everything is the cleanest possible option, pay prefs missed dividend and relist, I’m not sure who came up with the convert idea first (it was not moelis),but its been very sticky throughout the years, and how to covert something for no reason if the NWS is undone anyway
The vast majority of holders are indeed pref holders, but that said, a company is only valued in perception by common shares, if a EPS is zero the stock price is not as high as when a company has a huge EPS, the outside world is only looking at commons and price it to earnings, there is no pref involved or whatsoever, it is about what is the upside and what is the dividend and what is the dividend rate talk only, that does not mean you are not right, prefs are hurt and missed dividends should be paid, and stocks should be close to par price
Regarding the” they won't care about back dividends” the commons are currently valued at 20.1% of the company, when the NWS is void this will change as will the value of the commons, with that the prefs also will trade much higher, I see no math possible how to figure out what percentage is justified, plus most of the lawsuits are killed by ending the NWS, also the pref to common talk
As for the “bad faith” a company can never suspend dividend to give them to the government is perpetuity, just not possible legal wise, lamberth was just not properly informed, and looked the other way, he received a slap on the wrist and must rule now on the facts that lay in front of him, the misinterpretation zone is far behind us now, imaging this would happen the google or Amazon
Regarding creditcard, The government position is indeed the credit line (creditcard) will do instead of capital (in the 5th en banc) here the government makes a huge huge mistake, they run the place for more than 10 years and drain the company each quarter after quarter, if they had not done that the company would be sufficient capitalized, so the government cannot claim the job is not done, with siphoning off the capital they are not doing their statuary job and with the current job the companies will never be capitalized, so they cannot claim anything on the job they are doing now, as it will bring them into trouble
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